UPDATE: Piper Sandler Upgrades Pacific Biosciences of California (PACB) to Overweight

February 11, 2021 5:06 AM EST
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Price: $33.33 +8.43%

Rating Summary:
    5 Buy, 7 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 17 | New: 52
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(Updated - February 11, 2021 6:52 AM EST)

Piper Sandler analyst William Quirk upgraded Pacific Biosciences of California (NASDAQ: PACB) from Neutral to Overweight with a price target of $52.00.

The analyst comments "We are upgrading shares of PACB to Overweight from Neutral following the transformational $900M SoftBank cash-infusion and improved outlook on the timing of clinical catalysts. Recall, PacBio announced a 5-year collaboration with InVitae to develop an ultra high-throughput sequencing platform to deliver a sub-$1,000 medically-relevant whole genome. Management suggested this instrument is ~2-3 years away vs our prior expectations of ~5 years. PacBio is also independently working on developing new instruments, and plans on leveraging innovations from the InVitae collaboration to develop a suite of sequencers with varying throughputs and cost for broader research and clinical use. All in, we are upgrading to Overweight with a $52 target based on ~50x 2023E EV/Rev discounted back to 2022 at 15% (previously Neutral at $20 based on ~19x 2022E EV/ Rev) to reflect our increased confidence in the LT-outlook of the business."

For an analyst ratings summary and ratings history on Pacific Biosciences of California click here. For more ratings news on Pacific Biosciences of California click here.

Shares of Pacific Biosciences of California closed at $47.60 yesterday.


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